Friday, 17 May 2013

On Monday 13 May 2013 I made the first formal presentation of Bitcoin to the UK government at the Future of Money conference, which included an explanation of how Bitcoin works.

The conference was organised by the government’s Foresight Horizon Scanning Centre, an arm of the Department for Business, Innovation and Skills (BIS) which develops innovative, long-term policy. About 50 senior civil servants attended.The Future of Money focused on the implications that widespread adoption of Bitcoin might have. Since Bitcoin users are pseudo-anonymous, government authorities worry that it could be used for purposes such as money laundering, and that transactions between individuals fall outside the boundaries of tax collection.The feedback was very positive both from those who attended the meeting and the organisers.

The London Financial Times reported this on the following day on page 3 (with a lead-in on the front page) and the full story can be found on these links here:

3. Sign up for a Mt. Gox exchange account for buying and selling Bitcoin, and also for storing Bitcoins if you don't trust the security of your own computer: https://mtgox.com/ If you are in the UK, sign up for an Intersango exchange account at Intersango Ltd

4. You can either deposit and withdraw funds to/from Mt. Gox/Intersango directly, or for greater speed use BitInstant: https://www.bitinstant.com/

5. Check out the official Bitcoin website: http://bitcoin.org/ if you prefer, you can also download the full Bitcoin client and wallet here using the latest software version. Instead of the lite version at 2. above

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Who made this?

Michael is an entrepreneurial banker, finance professional and Bitcoin Advisor/Shaper - the elegant protocol of Bitcoin is his enthusiasm, passion and promotion.

Michael has led two banks from potential bankruptcy - one in the UK and another overseas; both had accumulated la large impaired loan books, many years ahead of the global banking crisis triggered in 2007/8.

Bitcoin has perhaps the potential to be as big as the advent of the Internet itself - and to be very very disruptive to the making and receiving of payments. Payments made in Bitcoins are made at very low fees - a few cents only. So Long Paypal....